Tracey has just started a new IT business and is thinking of leasing a new luxury car. She has her sights on a BMW coupe. A lease company offers her a deal which comprises a $35200 payment on delivery of the vehicle, a $21100 payment at the end of year 1, a $24600 payment at the end of year 2 and a $31700 payment at the end of year 3. If Tracey wants to take over the ownership of the vehicle, she must pay another $35200 at the end of year 3. The lease provider states that the interest rate it has charged is 16 per cent. Ignore taxation.

Required
(a) From these data, calculate the total price of the new vehicle.
(b) If the price of the new vehicle were $54600, what is the implied interest rate for the lease?
(c) If the price of the new vehicle were $47500, what is the implied interest rate for the lease?